Odaily Planet Daily report: After the summer rebound, Bitcoin's upward momentum has gradually faded, with the price now retreating to around $80,000. Investors face persistent selling pressure as they attempt to break through the $100,000 barrier. Investors who bought Bitcoin over the past two years have an average cost basis of $87,000 or higher; this level has twice suppressed Bitcoin’s rallies this year, each time leading to a pullback of at least 25%. Additionally, the average cost basis for Bitcoin ETF holders is approximately $81,500. If the price remains consistently below this level, it could indicate that ETF holders are now experiencing unrealized losses, weakening recent on-chain support.
Additionally, macroeconomic factors are pressuring Bitcoin. This month, AI-themed stocks have underperformed, and analysts believe Bitcoin remains highly correlated with tech stocks. Concerns over AI valuations and debt risks are weighing on Bitcoin, and the market has yet to confirm the start of a new bull cycle; future price movements will depend on macroeconomic conditions and the sustainability of buying demand. (Bloomberg)